With the signing of the pact, Maharashtra has become the sister state of Wenzhou which will help the Indian state get the latest technology and machineries.

The agreement was signed by Maharashtra's Industry Minister Prakash Mehta and Wenzhou government's Deputy Secretary General Zhao Dianlin here on the sidelines of a three-day exhibition titled China Machinex India 2014 and China Home Life India 2014.

Mehta said Maharashtra has received fresh investment proposals worth Rs 1,00,000 crore within last one month of BJP government assuming power.

"The proposals are under consideration and will be cleared very soon by the state government," he added.

"Though the industrial growth of Maharashtra has gone down in last couple of months due to various factors, including lack of clearance and lengthy licensing policy, the new BJP government under Devendra Fadnavis will soon adopt the concept of single window system for various clearances required for setting up projects.

"Similarly, the state government will also reduce the number of licenses to 20," Mehta said, adding that Maharashtra will continue to be the number one industrial state.

"We will start 'Make in Maharashtra' campaign and see that no industry moves out to other neighbouring states," he said.

Liu Guoyu, Commercial Consulate of the People's Republic of China, congratulated Government of India for extending trade and cordial relationship.

"China is keen on investment in power and infrastructure space and provide high-tech equipment for projects in Maharashtra," Guoyu said.

The bilateral trade between both the countries has gone up by 8.8 per cent to USD 52.8 billion till September 2014 which is a very encouraging factor.

"In fact, the frequent visits of Indo-China top officials are definitely a welcome sign. The year 2014 will add a new chapter in Indo-China trade relationship," Guoyu said.